Google (GOOG) will report first quarter earnings tonight after the close.

Q1 Capital IQ consensus calls for EPS of $10.76 (-7.6% yr/yr) on revenue of $40.2 bln (+10.4% yr/yr).

Apple (AAPL) and Google (GOOG) announced they will partner on COVID-19 contact tracing technology.

GOOG beat on EPS three out the last for quarters and beat on revenues two out of the last four quarters.

TECHS:

GOOG has a $873.0 bln valuation. Shares are down 19% from its highs for the year. The company's advertising rates are expected to be impacted from the COVID-19 pandemic.

Based on the weekly GOOG May01 $1275 straddle, the options market is currently pricing in a move of ~6% in either direction by weekly Friday expiration.

RESULTS:

Alphabet misses by $1.12, beats on revs; co "experienced a significant slowdown in ad revenues" in March 

  • Reports Q1 (Mar) earnings of $9.87 per share, $1.12 worse than the S&P Capital IQ Consensus of $10.99; revenues rose 13.3% year/year to $41.16 bln vs the $40.29 bln S&P Capital IQ Consensus.

  • "Our business, led by Search, YouTube, and Cloud, drove Alphabet revenues to $41.2 billion, up 13% versus last year, or 15% on a constant currency basis," said Ruth Porat, Chief Financial Officer of Alphabet and Google. "Performance was strong during the first two months of the quarter, but then in March we experienced a significant slowdown in ad revenues. We are sharpening our focus on executing more efficiently, while continuing to invest in our long-term opportunities."

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